If anyone out there is flipping shares for pennies, and POET receives a preemptive tender offer, we will immediately be priced at that offer.  If you are flipping 10k, 50k, or 100k shares, and you are out when the offer appears, you will have missed out for the sake of pennies.  Just think if that tender offer is for $10, $15, or $20/share, i.e. preemptive.  Obviously, people can do what they want, but in case anyone has not considered this, it's something to think about.  If it happens, it will be painful.